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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (57085)	12/7/2001 3:10:48 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

12/07 01:21 Yen Falls for 2nd Day vs Dollar on Report Japan Economy Shrank By Mari Murayama and Kanako Chiba quote.bloomberg.com Tokyo, Dec. 7 (Bloomberg) -- The yen fell for a second day against the dollar after a report showed Japan's economy contracted for a second quarter and an official said it may shrink next year. Japan's currency weakened as far as 125 a dollar, traders said, for the first time since Aug. 1. It recently traded at 124.96 from 124.60 in New York yesterday. Against the euro, the yen stood at 111.68, versus 111.50 in New York. Japan's currency is down 1.2 percent against its U.S. counterpart and 0.9 percent against the 12-nation common European currency this week. Japan's gross domestic product shrank 0.5 percent in the third quarter as analysts expected, following the contraction in the second quarter, which was revised down to 1.2 percent from 0.7 percent. Falling consumer spending and exports dragged on the economy, the government said. ``A big decline in consumer spending makes Japan's outlook gloomy,'' said Masayuki Yamamoto, a research analyst at Bank of America, N.A. ``While companies' capital spending grew in the quarter, it is not likely at all to recover dramatically from here.'' The economy report said consumer spending fell 1.7 percent last quarter. The second quarter GDP was revised down as consumer spending turned out to have dropped 1.1 percent, compared with a 0.5 percent growth originally reported. Tens of thousands of job cuts announced this year are damping consumer spending, which makes up 55 percent of gross domestic product. Business spending rose 1.1 percent in the third quarter after rising 2.6 percent in the second. Economists said business spending may now decline, and become a drag on the economy, as companies trim costs to ride out the recession. Another